Archive for June, 2017

Moments after the Atlanta Hawks made Alpha Kaba the final pick in the 2017 NBA Draft, the attention of the basketball world turned to what promises to be a frenzied free-agency period. Beginning July 1st, a bevy of big-name players hit the open market, including Chris Paul, Blake Griffin, Gordon Hayward, and the tattered remains of Derrick Rose.

For these free agents, there is much to consider in choosing their next team. Who offers the most established leadership? (Miami) The best weather? (Miami) The most accessible network of HGH dealers? (Miami)

Then, of course, there’s the little matter of money, and when it comes to extracting the most coin possible out of a contract, it typically behooves a free agent to do nothing at all, and simply re-up with their previous employer.

That’s because the NBA’s collective bargaining agreement affords advantages to a team in re-signing it’s own free agents, provided the team has so-called “Larry Bird rights” in the player. Generally, this requires the player to have been with the team for three consecutive seasons, though there are a host of other ways a team can obtain these rights.

I am not what one would describe as a “talented” man, but I do possess one time-tested, undeniable skill: Within mere minutes of arriving at a wedding, I can tell you with absolute certainty whether the couple will be divorced within three years.

My record is impeccable, but to be honest, it’s not all that difficult. Here are a couple of helpful tips:

If I learn that the bride insisted that she and her fiancé have a joint bachelor/bachelorette party, they ain’t making it.

If the best man spent the thirty minutes prior to the start of the ceremony repeating to the groom, “just leave, and I’ll cover for you,” that’s probably not a great sign.

If the bride, despite having no discernable singing ability, insists on sitting her new husband in a chair and belting out her favorite song, she’s probably far more interested in getting married than being married, and when the glow of the wedding wears off….look out.

Even those who survive beyond three years aren’t out of the woods, of course; after all, being married is hard. If there’s any advice I can offer young couples contemplating tying the knot, it’s this: the saying goes that life is too short. Well, I’ve got news for you: if you marry the wrong person, life is looong. You’ll wake up every morning, look to the other side of the bed, and find yourself wishing that the whole thing would just speed up and get over with already.

Today is my son’s eighth birthday, and naturally, I spent the morning thinking back to the countless ways he’s enriched my life.

There was that first dependency exemption in 2009. And then that much-needed dependent care credit in 2011. And who can forget the child tax credit of 2014? Great times, all.

In total, that kid has saved me over $10,000 in taxes, and all it’s cost me in return is a few hundred doughnuts and the occasional Lego set. Not a bad deal.

If you’re a little jealous, don’t be; YOU can have a sweet little tax break of your own, and if you plan accordingly, unlike me you can have one that doesn’t require all that annoying parenting.

But be warned, claiming a dependent — and all the ancillary tax benefits that come with it, from the $4,050 deduction to the head-of-household filing status to the earned income, child care, and dependent care credits — is not as easy as it sounds, and certainly not as easy as it should be. Heck, if it were up to me, you’d get a dependency exemption for every kid under a certain age, every parent OVER a certain age, and anyone who lives in your house but doesn’t pull their weight when the bills come due.

The items in this blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. A select group of Tax Professionals of WithumSmith+Brown write Double Taxation, and any opinions expressed or implied are not necessarily shared by anyone else at WithumSmith+Brown.

Email Subscription

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Authors

Our tax specialists have a comprehensive understanding of international, federal, state and local tax regulations. We work with you to ensure tax reporting obligations are met in an accurate and timely manner, and to minimize or defer the payment of taxes, thereby adding value to your company. Through the use of technology, we stay up-to-the-minute on tax law changes, and know how they affect your business. Through our affiliation with HLB International, we can also assist you in developing cost-effective tax strategies anywhere in the world.